Bitcoin Momentum Continues To Stall as it Holds at $6665; Will the Bulls Push the Market above $6800 to Continue Higher?

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Bitcoin Momentum Continues To Stall as it Holds at $6665; Will the Bulls Push the Market above $6800 to Continue Higher?

  • Bitcoin continues to trade within a sideways manner.
  • The market has recently found support at a short-term .236 Fibonacci Retracement priced at $6665.
  • Resistance levels moving forward; $6715, $6775, $6824, $6862, $6945 and $7027.
  • Support levels moving forward; $6665, $6639, $6557, $6453, $6383, $6259 and $6189.

Bitcoin has seen a small 0.15% price increase, at the time of writing. The cryptocurrency king is currently exchanging hands at a price around $6685 after seeing a 2.82% rolling 7-day price increase.

Bitcoin continues to hold the number 1 market cap ranking across the entire industry. It currently has a total market cap value of $115.54 billion after the cryptocurrency sees a 7.13% increase in price over the past 90 trading days. Bitcoin is currently trading at a price that is 65% lower than its all-time high value.

Let us continue to analyze price action over the short term and update our potential support and resistance areas.

BTC/USD – SHORT TERM – 1HR CHART

bitcoin
https://www.tradingview.com/x/knGGQIID/

Analysing the market from the shortly termed perspective above, we can see that price action has now been trading sideways over the past few days. In our last analysis, we had outlined the short-term .382 Fibonacci Retracement level priced at $6557 as our initial support level. However, price action has still yet to drop this low.

We can see that the BTC/USD market has recently found support at the .236 Fibonacci Retracement level priced at $6665.0. This Fibonacci Retracement is measured from the bullish run starting at a low of $6100 and rose to a recent high of $6840.

What to expect next?

At this moment in time, the bulls have pushed price action up away from the identified support at $6665. If the bullish momentum continues, we expect the market to run into resistance immediately at the short term 1.272 Fibonacci Extension level priced at $6715.

IF the market can continue further higher we expect more resistance to being located at the short-term 1.414 Fibonacci Extension level priced at $6775 followed by the long term .382 Fibonacci Retracement level priced at $6824.

If the bulls continue to push price action above the $7000 handle again, we can expect further resistance above to located at $7100, $7250 followed by the recent swing high priced at $7427.

Alternatively, if the bears regain control of the momentum within the market and push price action below the identified support at $6665 we expect immediate support located below at the long term .5 Fibonacci Retracement level priced at $6639. Further support located below this can then be expected at the short term .382 Fibonacci Retracement level priced at $6557 followed by the short-term .618 Fibonacci Retracement level priced at $6363.

Summary
Bitcoin Momentum Continues To Stall as it Holds at $6665; Will the Bulls Push the Market above $6800 to Continue Higher?
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Bitcoin Momentum Continues To Stall as it Holds at $6665; Will the Bulls Push the Market above $6800 to Continue Higher?
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Bitcoin has seen a small 0.15% price increase, at the time of writing. The cryptocurrency king is currently exchanging hands at a price around $6685 after seeing a 2.82% rolling 7-day price increase.
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Author: Yaz Sheikh
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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Yaz Sheikh 182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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